It’s time for the monthly jobs report again, and as always, I have no idea what the bureaucrats will come up with. Some people imagine that they see green shoots in the jobs data, but the bottom line is that the US economy continues to shed jobs at a frightening pace. There has been no improvement whatsoever. Take a look at the third chart on this page – the 12-month moving average chart. Maybe you can see a green shoot there, but I sure can’t.
Wednesday’s rally was broken when the Q’s fell through their VWAP on the one-minute chart at 1pm. They struggled to regain it for an hour, but threw in the towel at 2pm, and made a 9/36/15 cross-down on the last bar of the day. The futures have been weak during the seven hours since the close, and unless there is a sizeable upside surprise from the jobs data, the market will very likely continue downward Thursday morning.